{"id":128066,"date":"2025-04-27T18:16:01","date_gmt":"2025-04-27T18:16:01","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128066"},"modified":"2025-04-27T18:16:01","modified_gmt":"2025-04-27T18:16:01","slug":"federal-taxes-to-be-substantially-reduced-once-tariffs-set-in-trump","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128066","title":{"rendered":"Federal taxes to be 'substantially reduced' once tariffs set in: Trump"},"content":{"rendered":"

Source: Cointelegraph.com NewsUnited States President Donald Trump recently said that federal income taxes would be “substantially reduced” or potentially eliminated once the tariff regime fully sets in.
\nIn an April 27 Truth Social post, Trump added that the focus of the purported tax cuts would be on individuals making less than $200,000 per year.
\nThe US President also said that the “External Revenue Service” \u2014 a reference to funding the federal government exclusively through import tariffs instead of the current model of collecting taxes through the Internal Revenue Service (IRS) \u2014 is materializing.
\nEliminating the federal income tax would likely be a positive catalyst for asset prices, including cryptocurrencies, as the increase in disposable income should partially flow back into productive investments. However, this stimulative effect is not guaranteed.
\nSource: Donald TrumpRelated: If Trump fired Powell, what would happen to crypto?
\nTrump\u2019s plan leaves analysts and markets doubting
\nTrump previously floated the idea of eliminating the federal income tax in an October 2024 appearance on the Joe Rogan Experience, although Trump, who was on the campaign trail at the time, provided scant concrete details on the proposal.
\nThe US President suggested that replacing the federal income tax with revenue from import duties would return the US to a time of prosperity seen during the Gilded Age, in the 19th century, when the US did not have a permanent federal income tax.
\nResearch conducted by accounting automation company Dancing Numbers found that Trump’s proposal could save the average American $134,809 in lifetime tax payments.
\nDancing Numbers added that the tax savings could be as much as $325,561 per American if other wage-based income taxes are also eliminated.
\nOn April 2, Trump signed an executive order imposing sweeping tariffs on all US trading partners, which included a 10% baseline tariff on all countries and different “reciprocal” tariff rates on countries with import duties on US goods.
\nHowever, since that time, the Trump administration walked back its tariff policies several times, flip-flopping on tariff rates and when the tariff regime would fully take effect.
\nThe Trump administration’s ever-changing rhetoric surrounding trade policies has heightened volatility in the US stock market, caused a rise in US bond yields, and has drawn widespread criticism from financial analysts who say the protectionist trade policies hurt capital markets while achieving little else.
\nMagazine: Harris\u2019 unrealized gains tax could \u2018tank markets\u2019: Nansen\u2019s Alex Svanevik, X Hall of FlameRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsUnited States President Donald Trump recently said that federal income taxes would be “substantially reduced” or potentially eliminated once the tariff regime fully sets in. In an April… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128066"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128066"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128066\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128066"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}